I believe that it was the author T.S. Elliott that coined the phrase, “data begets information begets knowledge, begets wisdom.” Certainly, in today’s data driven society, these words CAN ring true. But when is enough, enough? In this week’s message, I’d like to explore some myths about data as it relates to your practice.
Forty-two years ago I had occasion to participate in the very first national eyecare exposition, called Optifair. At the time, I was the marketing manager for a small eyewear importer. The concept of Optifair was intriguing and we chose to exhibit at this first-of-a-kind event.
It’s near the beginning of the fourth quarter. Of course, by now, you’ve got a good understanding of how this year will conclude. You’ve compared your 2020 plan to your actual performance. You’ve made monumental changes thrust upon you by Covid19. 2020 has been that year where your goals may have been tossed out the window.
On several occasions over the past few months I’ve talked to you about opportunity. I’ve asked you to open your eyes to it, as during firestorms like we’re currently engaged, opportunity arises from the ashes.
Warren Buffett likes to say, “be greedy when others are fearful and fearful when others are greedy.” I think these wise words for the current era.
There are only two ways to increase your revenue…only two. You can either increase the number of exams which you deliver, or you can increase your average revenue per exam. It’s really that simple.
Seemingly little things can have big payoffs!
I remember reading a study years ago about a specific retailer. This retailer’s clerks, like so many others, would greet customers entering the store with “may I help you.” Think about the last time you were so greeted. What did you say?
If Covid19 has delivered anything but havoc, it’s delivered lessons in financial control. For some of you, you were on top of your finances and had a pretty easy time navigating the financial challenges associated with shutting down and then reopening. For others, you’re still scratching your head and saying, “what happened.”
Ralph Waldo Emerson once said, “the speed of the leader determines the pace of the pack.” I believe in that philosophy. That’s why I invest a substantial amount of time and money each year on my and my team’s personal development. I can’t think of a better investment. For me, such investing has become second nature. Setting personal and business goals is a way of life. I will never accomplish all that I want. I can’t imagine life having done that. What would I have to live for?
As much as Covid19 has caused physical harm and, sadly, the demise of some of our citizens, it has also dealt operating challenges felt by many businesses, with a significant negative impact on the travel industry. As you’re aware, along with personalized consulting and transaction services, our firm has specialized in delivering impactful in-person events. Naturally, we’re working hard to find a path through this period. We thank you for your support during these unprecedented times and trust that we’ve come through for you.
Over the past couple of months, I’ve shared with you that Covid19, while horrific and sad, has opened the door to opportunity. As Warren Buffet often says, “be fearful when others are greedy, and greedy when others are fearful.”